Net sales for the second quarter of fiscal year 2014 were US$503.5 million, and net sales excluding surcharge were US$414.6 million, a decrease of US$16.1 million (or 4%) from the same quarter last year, on 8% higher shipments. Carpenter says that this sales decline can be attributed primarily to the continued soft demand in aerospace and energy.
“Carpenter's second quarter earnings were consistent with our expectations,” said William A Wulfsohn, president and CEO. “Share gains were realized in transportation and industrial & consumer, which helped offset continued soft demand in our aerospace business. Thus, while volume was up versus the prior year, our mix was weaker. [...]
“Looking forward, we are seeing positive signs of growth, as well as a gradual aerospace and energy demand recovery. We expect this recovery to gain momentum as we complete the second half of our fiscal year and enter fiscal year 2015.”